Receiving a foreclosure notice is one of the most frightening experiences a homeowner can face. But it’s important to know that receiving a notice does not mean you’ve lost your home. In Texas, you have options — and the sooner you act, the more of those options remain available to you.
How Does Foreclosure Work in Texas?
Texas is a non-judicial foreclosure state, which means lenders can foreclose without going through the court system. This makes the Texas foreclosure process faster than most other states.
Here is the general timeline:
After missing one payment, the lender will contact you and report the delinquency to credit bureaus.
After 120 days of missed payments, the lender can begin the formal foreclosure process by sending a Notice of Default.
After receiving the Notice of Default, you have 20 days to cure the default by paying all missed payments, fees, and penalties.
If the default is not cured, the lender sends a Notice of Sale at least 21 days before the foreclosure sale date.
Foreclosure sales in Texas happen on the first Tuesday of each month at the county courthouse.
From start to finish, the Texas foreclosure process can move in as little as 60 days after the Notice of Default is sent.
What Are Your Options to Stop Foreclosure in Texas?
Option 1 — Reinstatement Pay all missed payments, fees, and penalties in full before the foreclosure sale. This brings your loan current and stops the foreclosure immediately. This requires having access to a significant amount of cash quickly.
Option 2 — Loan Modification Contact your lender directly and request a loan modification. This restructures your loan terms — potentially lowering your interest rate or extending your repayment period — to make payments more manageable. Not all lenders offer this and approval is not guaranteed.
Option 3 — Forbearance Agreement A forbearance agreement temporarily pauses or reduces your mortgage payments. The missed payments are typically added to the end of your loan. This is a short-term solution that buys time but doesn’t eliminate the debt.
Option 4 — Bankruptcy Filing for bankruptcy triggers an automatic stay that immediately halts foreclosure proceedings. However bankruptcy has serious long-term consequences for your credit and finances. Consult a bankruptcy attorney before pursuing this option.
Option 5 — Short Sale A short sale allows you to sell the property for less than you owe on the mortgage, with the lender’s approval. This takes time and lender cooperation, which isn’t always available before the foreclosure date.
Option 6 — Sell Your House for Cash Selling your house to a cash buyer before the foreclosure sale date stops the foreclosure entirely. You pay off the mortgage at closing, protect your credit from a full foreclosure record, and walk away with any remaining equity.
This is often the fastest and most practical option for homeowners in the RGV who don’t have the funds to reinstate their loan and need to act quickly.
How Fast Can You Sell Before Foreclosure?
Sunbelt Cash Offer can make you a cash offer within 24 hours and close in as little as 7 days. If your foreclosure sale date is approaching, time is critical. The earlier you contact us, the more options we have to help you.
Even if your foreclosure sale is only weeks away, a fast cash sale may still be possible depending on your exact timeline.
Act Now — Time Is Your Most Important Asset
Every day you wait reduces your options. If you are behind on mortgage payments or have received a foreclosure notice on your RGV property, call Sunbelt Cash Offer today at (956) 884-4441.
We serve homeowners throughout Hidalgo County and Cameron County including McAllen, Edinburg, Pharr, Mission, Harlingen, Brownsville, Weslaco, San Benito, and Donna. There is no cost and no obligation to get your cash offer.